Loss Settlements. A. All loss settlements made by the Company within the terms and conditions of the Policy and of this Contract shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances Article.
B. As between the Company and the Reinsurer, the Company shall be the sole judge as to:
1. What constitutes a claim or loss covered under the Policy;
2. The Company's liability thereunder;
3. The amount or amounts the Company shall pay thereunder. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under the Policy subject to the terms and conditions of this Contract.
Loss Settlements. A. The Company alone and at its full discretion shall adjust, settle or compromise all claims and losses.
B. As respects losses subject to this Contract, all loss settlements made by the Company, whether under strict Policy terms or by way of compromise, and any Extra Contractual Obligations and/or Loss in Excess of Policy Limits, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this Contract.
Loss Settlements. All loss settlements made by EMC Re within the terms of this XOL Agreement or by way of compromise, including any “Ex-gratia Settlements”, shall be binding upon EMCC, and EMCC agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this XOL Agreement.
Loss Settlements. A. The Ceding Insurer alone and at its sole discretion shall adjust, settle or compromise all claim and losses.
B. As respects losses subject to this Agreement, all loss settlements made by the Ceding Insurer within the terms and conditions of its underlying Policy and within the terms and conditions of this Agreement, whether under strict Policy terms or by way of compromise, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement as provided in this Agreement. This payment period shall not be extended or enlarged due to a requested or pending audit or review of records.
Loss Settlements. A. When so requested in writing, the Company shall afford the Reinsurer or its representatives an opportunity to be associated with the Company, at the expense of the Reinsurer, in the defense of any claim, suit or proceeding involving this Contract, and the Company and the Reinsurer shall cooperate in every respect in the defense of such claim, suit or proceeding. Notwithstanding the above, the Company alone and at its full discretion shall adjust, settle or compromise all claims and losses.
B. As respects losses subject to this Contract, all loss settlements made by the Company, whether under strict Policy terms or by way of compromise, and any Extra Contractual Obligations and/or Loss in Excess of Policy Limits, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this Contract.
Loss Settlements. A. MSRE will advise PRe within seven (7) business days of all Losses that MSRE becomes aware of and may result in a Loss settlement and any subsequent developments with respect thereto under this Agreement that may materially and/or adversely affect the capital position of PRe. Such Loss reporting to PRe will include, but is not limited to, (i) incurred Losses of ten per cent (10%) or more of PRe’s capital position and (ii) any claims that may involve loss in excess of original policy limits (“XOPL”) and extra contractual obligations (“ECO”) settlements. Any inadvertent omission or oversight in providing such advice to PRe is in no way to affect the liability of PRe; however, when discovered, MSRE will notify PRe within three (3) business days of any such omission or oversight.
B. MSRE will have the right to settle all Loss-related claims under the Original Policies. However, when so requested by PRe, MSRE will afford PRe, at PRe’s own expense, to associate (although not control) with MSRE in the defense of any lawsuit or other litigation proceeding that involves the Business Covered by this Agreement, and MSRE and PRe will cooperate in every respect in any such defense.
C. All valid Loss settlements payable to the Cedents and any related valid ALAE and ULAE payments made by MSRE, including any Ex-Gratia Settlements, are to be unconditionally binding on PRe solely in proportion to PRe’s quota share portion of the subject Original Policy, provided that such Loss settlements payable to the Cedents and ALAE and ULAE payments, are either made (i) within the terms and conditions of this Agreement, or (ii) in addition to coverage required by the terms and conditions of the Original Policy and this Agreement (the “Ex-Gratia Settlement”) solely for the purpose of reducing future liability in an amount greater than the Ex-Gratia Settlement.
D. PRe agrees to pay or allow, as the case may be, its share of each such settlement to be made in accordance with this Agreement within five (5) Business Days of receipt of proof of payment of any such settlement from MSRE. In connection with PRe’s obligations in respect of such payments, MSRE may request, and PRe agrees, to grant signing authority to MSRE to fulfill PRe’s obligations under this Agreement, should MSRE determine that such authority was necessary.
E. MSRE will deposit all salvage and subrogation recoveries, net of recovery cost, into the Premium Monies Account and credit PRe with PRe's proportionate retroceded sh...
Loss Settlements. The Reinsurer shall accept the decision of the Administrator with respect to a Claim and the incurrence of a Loss, except as otherwise provided herein. The Administrator agrees to deliver written notice to the Reinsurer of each Claim which would, if paid, cause the Reinsurer's liability hereunder to be $25,000 or more prior to such Claim actually being paid. The Administrator agrees to deliver to the Reinsurer all documents, reports and other information in the possession of or known by the Administrator relating to such Claim to permit the Reinsurer to evaluate the Claim and advise the Administrator in writing with respect to payment of the Claim. If the Reinsurer fails to advise the Administrator in writing within ten (10) days after the Administrator's delivery to the Reinsurer of the documents, reports and other information relating to such Claim, the Administrator shall pay the Claim and the Reinsurer shall be estopped from denying reinsurance liability hereunder for such Loss. The Administrator may, in its discretion, deliver written notice to the Reinsurer of each Claim as to which the Administrator is uncertain, or has reasonable cause to believe, that such Claim is or may not be properly payable. In addition, the Administrator shall deliver immediately such a notice to the Reinsurer and the Company as to each Claim denied in whole or in part by the Administrator if a notice of litigation or threatened litigation is filed with the Company or the Administrator relating to such denied Claim (each Claim as to which such a notice is delivered is referred to herein as a "Contested Claim"). The Company and the Administrator agree to deliver immediately to the Reinsurer all documents, reports and other information relating to such Contested Claim to permit the Reinsurer to evaluate the Contested Claim and advise the Company and the Administrator in writing with respect to payment of the Contested Claim. In the event the Company or the Administrator complies with the Reinsurer's advice with respect to a Contested Claim, and Extra Contractual Obligations later arise with respect to such Contested Claim, the Reinsurer shall share in the Extra Contractual Obligations in proportion to the Reinsurer's liability for a Loss hereunder, but if the Company or the Administrator fails to give such notice or to comply with such advice, the Reinsurer shall not share in any of the Extra Contractual Obligations. In no event shall the Reinsurer be liable for any Extra Cont...
Loss Settlements. A. When so requested in writing, the Company shall afford the Reinsurer or its representatives an opportunity to be associated with the Company, at the expense of the Reinsurer, in the defense of any claim, suit or proceeding involving this Contract, and the Company and the Reinsurer shall cooperate in every respect in the defense of such claim, suit or proceeding.
B. As respects losses subject to this Contract, all loss settlements made by the Company, whether under strict Policy terms or by way of compromise, and any Extra Contractual Obligations and/or Loss in Excess of Policy Limits, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this Contract.
Loss Settlements. The Company alone and at its full discretion shall adjust, settle or compromise all claims and losses. All such adjustments, settlements, and compromises, including ex gratia payments, shall be binding on the Reinsurer in proportion to its participation. Ex gratia payments include only those payments made to settle a loss or claim covered under the Company’s underlying insurance policy for purposes of avoiding the costs of a lawsuit. Under no circumstances will the Company make a payment for a claim or loss not covered under the Company’s underlying insurance policy. The Company shall likewise at its sole discretion commence, continue, defend, compromise, settle or withdraw from actions, suits or proceedings and generally do all such matters and things relating to any claim or loss as in its judgment may be beneficial or expedient, and all payments made and costs and expenses incurred in connection therewith or in taking legal
Loss Settlements. (a) Subject to the limitations and conditions in this Agreement, including but not limited to Articles II, XIV and XXIII:
(i) the liability of the Reinsurer shall follow that of the Cedents;
(ii) any settlement made by or on behalf of the Cedents of any claim or loss which is alleged to arise under the Reinsured Policies shall be binding upon the Reinsurer, whether under the strict policy conditions (including, but not limited to, the general and specific stipulations, clauses, waivers, extensions, modifications and endorsements of any of the Reinsured Policies), or by way of compromise in the ordinary course (excluding, ex gratia payments).
(b) For the avoidance of any doubt, nothing in this Article XIII shall obligate the Reinsurer to indemnify the Cedents for any Extra Contractual Obligation or Excess Limits Liability.
(c) The Cedents shall notify and advise the Reinsurer promptly of all Losses which, in either Cedent’s opinion, may result in a claim hereunder and of all subsequent developments thereto which, in either Cedent’s opinion, may materially affect the position of either Cedent or the Reinsurer. The Reinsurer shall have the right of association as set forth in Article XII.
